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(Sharecast News) - Oxford Nanopore Technologies announced Monday that Gordon Sanghera, its co-founder and chief executive officer, would step down from his role and the board by the end of 2026.
The FTSE 250 company, which provides molecular sensing technology based on nanopores, said it had started a formal search for his successor to lead the firm into its next phase of growth.
"Two decades ago, Gordon co-founded Oxford Nanopore with the bold ambition to transform molecular analysis," said the company's chair Duncan Tatton-Brown.
"He has since led the Company's growth into a global business, built a highly differentiated technology platform and fostered a culture of innovation and collaboration that underpins its success.
"These foundations have supported sustained, above-market growth and position Oxford Nanopore well for the future."
Tatton-Brown added that the board is focused on finding a new leader with the "vision and capabilities to further advance our growth strategy, driving long term value creation for our stakeholders".
Gordon Sanghera, who co-founded the company in 2005 and had served as CEO since its inception, said the decision to pass the reins was made with the company's future in mind.
"By next year I will have been CEO of Oxford Nanopore for 21 years," he said.
"With strong foundations in place for the company's continued success, I believe this will be the right time for me to pass the reins to a new leader."
Sanghera confirmed he would remain focused on executing strategic priorities and driving the business to profitability until his departure.
"I've had the privilege of working with an exceptional team whose talent and dedication have underpinned the remarkable progress we've achieved together, shaping the company into the innovative force it is today."
Under Sanghera's leadership, the company launched the MinION, a portable sequencing device, in 2015.
Sanghera was appointed a Commander of the Most Excellent Order of the British Empire (CBE) in the 2023 New Year Honours for his contributions to technology.
At 0955 BST, shares in Oxford Nanopore Technologies were down 4.71% at 204.88p.
Reporting by Josh White for Sharecast.com.
